TPREL raises $525 million in equity from BlackRock and Mubadala

Tata Power Renewable Energy Limited (TPREL) has received the second and final round of Rs 20 billion capital infusion from GreenForest New Energies Bidco, a UK-based investment platform run jointly by US asset management fund BlackRock Real Assets and Abu Dhabi sovereign wealth fund Mubadala Investment Co. TPREL issued 200 million compulsorily convertible preference shares to GreenForest New Energies for Rs 20 billion in the most recent round.Thus, TPREL has now completed an Rs 40 billion equity fundraising from GreenForest New Energies.

According to Tata Power, upon conversion of the above CCPS, it will have a 9.76 per cent to 11.43 per cent equity stake in TPREL, subject to the equity valuation on final conversion. The investment from BlackRock and Mubadala will support Tata Power Renewables aggressive growth plans, which include a target of over 20 GW of renewable assets and a market-leading position in rooftop and electric vehicle charging across India over the next five years.

In January 2023, Tata Power received a Rs 4.5 billion sustainable trade finance facility from Mitsubishi UFJ Financial Group Bank (MUFG) to fund solar projects in Gujarat and Maharashtra. The credit facility will be used by Tata Power to fund a 120 MW solar project in Mesanka, Gujarat, and a 100 MW project in Parthur, Maharashtra. Both projects will be carried out by the company’s clean energy subsidiary, TP Kirnali.